Market commentary

16 May 2003

Compiled by Holger Kron

Deutsche Bank

Tel: +49 69 9103 4468

The week started with warnings from the IMF that fiscal spending
and a sharp increase in wages that outstripped productivity gains
in Hungary are undermining competitiveness and boosting the current
account deficit.

Besides forecasting 3.6% growth this year the IMF believes that
the scope for
...